Stock Exchange Automation  book cover
1st Edition

Stock Exchange Automation

ISBN 9781138563759
Published May 28, 2019 by Routledge
104 Pages

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Book Description

Originally published in 1994, Stock Exchange Automation addresses the pivotal role played by capital markets in the market economics. Capital markets are an essential component of the free market system. The book argues that the capital markets function as an allocator of investable funds among competing uses. The movement toward automated markets requires that we understand how automation changes market behaviour. The book also examines the concept of market microstructure theory, and the implication that some forms of automation should affect prices. Theories of price formation in the specialist based trading system hypothesise that the trading mechanism induces short term price volatility.

Table of Contents

1. An Overview of Capital Markets and the Nature of this Investigation

2. Market Microstructure and the Impact of Information Technology: Previous Research

3. The Empirical Test

4. Data Analysis and Results

5. Summary and Conclusions


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